Throughout May we saw an increase in new listings. Perhaps some sellers wanted to off-load properties before the new capital gains tax rules, or they simply couldn't afford their mortgages at renewal time.

On top of that, buyers were hesitant to jump in, wondering whether the Bank of Canada would hold interest rates. The combination of these two scenarios created an increase in supply and a decrease in demand.

Overall we saw 20% fewer sales than a year ago and a slight decrease in the overall selling price of homes across the city.

On Wednesday, the Bank of Canada decreased interest rates and everyone breathed a collective sigh of relief. I don’t foresee much changing in the near future — other than more buyer confidence in the market which can only be a good thing. -Andrew